Posted on 06/06/2010 2:33:49 PM PDT by SeekAndFind
Think you've got a money problem? Look at the celebrities -- child stars to Donald Trump -- who've burned through hundreds of millions of dollars and then filed bankruptcy.
If you're feeling alone and depressed because you have problems with debt, cheer up. You're in the company of the (fleetingly) rich and (mostly) famous.
That can be the company of billionaires, as in Donald Trump and Michael Jackson, to start at the top of the A-list.
The Donald isn't hurting too much right now, but a decade ago, Trump was on the brink of going spectacularly bust. His personal liabilities were around $900 million. His three casinos and posh Plaza Hotel were forced into bankruptcy, he lost his yacht and the Trump Shuttle, and Ivana snagged the mansion and $14 million in the divorce.
Happily, Dealmeister Donald says he's now fine. He has a $2.5 billion fortune, although his company still has $1.8 billion in debts and his casinos lost tens of millions in 2003. It's all a question of scale.
For Michael Jackson, though, it looks like Pop goes the King. Jackson's chained to a $200 million millstone of debt, says a California lawsuit, and he's reportedly trying to stave off bankruptcy, scraping by on a million bucks a month.
Michael's meltdown started to show when his parents, Joe and Katherine, filed for bankruptcy, claiming debts of $45 million and assets of around $400,000.
The Jackson kids Tito, Jermaine, Randy and Rebbie also went bust, but Michael and his songbird sisters Janet and LaToya did nothing, saying they had no part of the family firm.
Others say the King of Pop couldn't help anyway. "Michael Jackson is a ticking financial time bomb, waiting to explode at any moment," says a lawsuit that seeks to freeze Jackson's Neverland assets.
(Excerpt) Read more at moneycentral.msn.com ...
* Wolfgang Amadeus Mozart -- arguably the most famous composer of all time -- fell heavily into debt in his early 30s and when he died at age 35, was buried in an unmarked pauper's grave.
* He's one of a slew of stars that have struggled mightily with debt, including Lorraine Bracco of "The Sopranos," musician Elton John, actress Kim Basinger, boxer Mike Tyson, who went through $300 million living lavishly if not wisely, and an early president of the United States, Thomas Jefferson.
* In 1873, Samuel Clemens, better known as Mark Twain, built a large home in Hartford, Conn. He hired Associated Artists, run by famous jewelry-and-glass designer Louis Comfort Tiffany, to decorate the home's first floor. But Twain's financial difficulties from a number of failed investments forced him to move his family to Europe 17 years later.
By 1894, Clemens was effectively bankrupt. He began worldwide lectures in an attempt to pay off his creditors and three years later he succeeded by paying all his debts in full.
* Actor Burt Reynolds, however, didn't seem to have the same drive to pay off his debts. Reynolds declared bankruptcy in 1996, citing more than $8 million in debts, yet hanging on to his $2.5 million estate Florida.
CLICK ABOVE LINK FOR MORE...
Uh, Michael Jackson is dead. Couldn’t find a date on this article, but can we say at least a year old?
Want a fun project? Add up how much interest you pay each month. Not your payments, just the interest portion of those payments.
Then imagine what your monthly financial position would be if you did not have that interest.
Go debt free and enjoy life!
I am working on it and pretty much on track.
is this even a current article? Jackson has been dead for year.
Figures....Thomas Jefferson, the first DEMOCRAT!
Kim Basinger, as I recall, “backed out” of a deal to do a movie called “Boxing Helena” after she had entered into a contractual agreement to appear in it. She was sued by the film’s producers, and lost. She filed bankruptcy when hit with the resulting $8 mil judgement.
The movie was a bomb, an absolute disaster, but “a deal’s a deal.”
She got herself where she is.
Slaves were assets on which a person could get a mortgage. Jefferson borrowed money on his slaves to live high on the hog. Very much like the Democrat party of today.
It might not be a current article, but the principle still applies.
For goodness sake Mozart has been dead for hundreds of years !
So was Mark Twain.
AMEN!
Read the article. She won on appeal.
Fine and dandy. She didn't win her reputation back. There are lots of other cuties in Hollywood who can act well enough for today's audiences.
bookmark
Look at Nic Cage. He makes about 20 million a picture, but coudn’t sell his $16 million dollar house. Course it was all the comic books hanging around, but still.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.